openPR Logo
Press release

Usage-based Insurance (UBI) Industry to grow strongly by 2024 | Key Industry Vendors Allstate, AXA, Liberty Mutual Insurance, MAPFRE, Nationwide, Allianz Insurance

Usage-based Insurance (UBI) Industry to grow strongly by 2024 |

Global Market Insights added Most up-to-date research on “Usage-based Insurance (UBI) Market: Global Industry Size, Share, Trends and Forecast, 2019 – 2024″ to its huge collection of research reports.

This Research study on the Global Usage-based Insurance (UBI) Market offers detailed and insightful information on major regional markets and related sub-markets.

Usage-based Insurance (UBI) market is projected to surpass USD 107 billion by 2024. The growing implementation of vehicle telematics to improve driving behavior and align car insurance premiums with the actual vehicle condition via UBI has accelerated the automotive insurance industry profitability.

Get Sample Copy of This Report @ https://www.gminsights.com/request-sample/detail/3020

UBI relies on telematics data to evaluate risks based on each individuals driving behavior, inclination towards safe driving practices, the current condition of vehicles and trip characteristics.

The PHYD segment is projected to hold a major market share of around 66% by 2024. PHYD insurance aims at charging premiums according to an individual?s driving habits, which help insurers to offer premiums that are more tailored to individual drivers. The insurers can set the rates based on driving skills and the time from when the user is most likely to be driving. Many insurers also share data with their clients to allow them to monitor their own driving behavior.

Industry Growth drivers:

1. Growth of the automobile industry
2. Shifting focus towards remote diagnostic technology
3. Growth in the number of the connected cars bringing new UBI opportunities
4. Rising penetration of smartphones integrated with vehicle connectivity systems
5. Rapid use of UBI by insurance companies to improve profitability
6. Growing trend of Try-Before-You-Buy (TBYB) insurance model

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Allianz SE
2. Allstate Insurance Company
3. ASSICURAZIONI GENERALI S.P.A.
4. AXA
5. Cambridge Mobile Telematics
6. Danlaw, Inc.
7. Desjardins Group
8. Insure The Box Limited
9. Intelligent Mechatronic Systems Inc.
10. Liberty Mutual Insurance
11. Mapfre, S.A.
12. Metromile Inc.
13. Nationwide
14. Octo Technology
15. Progressive Casualty Insurance Company
16. Sierra Wireless
17. State Farm Mutual Automobile Insurance Company
18. TomTom International BV
19. UnipolSai Assicurazioni S.p.A.
20. Vodafone Automotive SpA
21. Zubie, Inc.

Make an Inquiry for purchasing this Report @ https://www.gminsights.com/inquiry-before-buying/3020

The commercial vehicles segment is estimated to show the fastest growth rate of over 18% from 2018 to 2024 due to the adoption of telematics and other vehicular technologies to support the growth of the commercial vehicle transportation industry. Commercial vehicles leverage these technologies to increase the driving efficiency via real-time communications. Transportation companies can share the telematics data with the insurance companies and help them in setting premium rates and discounts for customers based on their driving behavior records. UBI helps in improving driver safety and reducing accidents by encouraging safe driving practices with a real-time feedback. Also, it provides fleet managers with deep insights about the drivers behavior, along with the fleet operating data that ensures safer fleet operations.

North America is projected to hold a dominant share of around 38% in the UBI market by 2024. The market growth is driven by an increase in the use of telematics systems that are equipped with features such as vehicle tracking systems, remote theft alarm, and driver assistance systems. The rising incidents of vehicle theft in this region are expected to augment the UBI market growth. According to the Insurance Information Institute, in 2017, around 773,139 vehicles were stolen in the U.S. as compared to 767,290 vehicles in 2016. The adoption of telematics-driven UBI helps insurers to improve profitability and reduce fraudulent claims. A massive growth of the connected cars market and an increased use of smartphone telematics for monitoring driver behavior will accelerate the UBI market growth over the forecast timeline.

Browse Report Summery @ https://www.gminsights.com/industry-analysis/usage-based-insurance-ubi-market

Some of the major players of the operating in the UBI market are Progressive, Allstate, State Farm, AXA, Allianz, Liberty Mutual, Nationwide, Vodafone Automotive, UnipolSai, Generali, Octo, Metromile, TomTom, Insure The Box, Mapfre S.A, Zubie, Desjardins Group, Sierra Wireless, IMS, Cambridge Mobile Telematics, and Danlaw.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Usage-based Insurance (UBI) Industry to grow strongly by 2024 | Key Industry Vendors Allstate, AXA, Liberty Mutual Insurance, MAPFRE, Nationwide, Allianz Insurance here

News-ID: 1643722 • Views: 1370

More Releases from Global Market Insights, Inc.

Global sodium metasilicate pentahydrate market size by 2025 | Top Companies are …
Global Market Insights, Inc., says that sodium metasilicate pentahydrate market may exceed USD 875 million by 2025. Sodium metasilicate pentahydrate market is expected to accrue momentous proceeds from the cement industry. The product is used as a connecting agent in the making of refractory cement & can enable properties such as chemical and heat resistance and hardness. It has also found application in the cosmetic, textile, ceramics, chemical production, and
Vinyl ester market Growth in Europe, Impact Covid19 and Top key players like Swa …
Vinyl ester market to be fueled by increasing deployment of wind energy facilities, Europe to emerge as a pivotal revenue pocket. In 2017, Europe marked a growth of 25% in the wind power plant capacity annual installation as compared to 2016. Whereas wind energy was the second-largest source of power generation power in the year 2016 in Europe. Nations worldwide are actively aligning their focus toward the deployment of wind
Biaxially Oriented Polypropylene (BOPP) Market Size, Share by key players like B …
Biaxially oriented polypropylene (BOPP) market size to reach USD 20 billion by 2024. Growing focus on superior packaging for the protection of delicate good, foods, medicines, and others will favor BOPP business growth in the coming years. Rapid proliferation of e-commerce platforms along with changing consumer spending trends will drive biaxially oriented polypropylene (BOPP) market outlook. In a world of constantly-changing lifestyles, consumers expect products to be shatter-proof, lightweight, aesthetically appealing,
Titanium Dioxide Market to see 7%+ CAGR over 2021-2026 | Key Players are Tronox …
Titanium Dioxide Market growth will be driven by rising expansion activities in the paints & coatings sector and proliferating application in paper & pulp industry. For years, titanium dioxide (TiO₂) has been used in the manufacturing of numerous consumer products across various industries. The product finds applications in paints, adhesives, coatings, paper, rubber, printing inks, textiles, coated fabrics, ceramics, roofing materials, floor coverings, and cosmetics. Surging in product demand across

All 5 Releases


More Releases for UBI

Future growth for Mobile Games Market 2020 Witnessing Enormous Growth by Tencent …
Mobile Games Market Size, Status, Business Future Scenarios and Brief Analysis 2020-2026. The report begins with the overview of the Mobile Games Market and offers throughout development. It presents a comprehensive analysis of all the regional and major player segments that gives closer insights upon present market conditions and future market opportunities along with drivers, trending segments, consumer behavior, pricing factors and market performance and estimation. The forecast market information, SWOT
Automotive UBI (Usage-based Insurance) Market Outlook to 2026 - Allianz,AXA,Prog …
The Automotive UBI (Usage-based Insurance) Market report includes overview, which interprets value chain structure, industrial environment, regional analysis, applications, market size, and forecast. The report provides an overall analysis of the market based on types, applications, regions, and for the forecast period from 2020 to 2026. It also offers investment opportunities and probable threats in the market based on an intelligent analysis. This report focuses on the Global Automotive UBI (Usage-based
Retail Banking Market Is Thriving Worldwide | BNL, UBI Banca, Mediobanca, Banca …
HTF MI added a new research study in its database with title 'Italy Retail Banking: Opportunities and Risks to 2023' that includes detailed analysis, Competitive landscape, forecast and strategies. The study covers geographic analysis that includes regions like North America, Europe, Asia-Pacific, South America, Middle East and Africa and important players/vendors such as Intesa Sanpaolo, UniCredit, Banco BPM etc. The report will help user gain market insights, future trends and
What's driving the Usage-based Insurance (UBI) Market, 2019 Growth? Allstate, AX …
Usage-based Insurance (UBI) market is projected to surpass USD 107 billion by 2024. The growing implementation of vehicle telematics to improve driving behavior and align car insurance premiums with the actual vehicle condition via UBI has accelerated the automotive insurance industry profitability. UBI relies on telematics data to evaluate risks based on each individuals driving behavior, inclination towards safe driving practices, the current condition of vehicles and trip characteristics. By
(2019-2024) - Usage-based Insurance (UBI) market Analysis | AXA, Liberty Mutual …
Usage-based Insurance (UBI) market is projected to surpass USD 107 billion by 2024. The growing implementation of vehicle telematics to improve driving behavior and align car insurance premiums with the actual vehicle condition via UBI has accelerated the automotive insurance industry’s profitability. UBI relies on telematics data to evaluate risks based on each individuals driving behaviour, inclination towards safe driving practices, the current condition of vehicles and trip characteristics. By
Usage-based Insurance (UBI) Industry 2019 Key Company Profile AXA, MAPFRE, Liber …
Usage-based Insurance (UBI) market is projected to surpass USD 107 billion by 2024. The growing implementation of vehicle telematics to improve driving behavior and align car insurance premiums with the actual vehicle condition via UBI has accelerated the automotive insurance industry profitability. UBI relies on telematics data to evaluate risks based on each individuals driving behavior, inclination towards safe driving practices, the current condition of vehicles and trip characteristics. By